Hey everyone you need to be aware that Yonkers is going to raise the real estate transfer tax from 1.5% to 3%. That means if you own a medium priced home you will need to pay an additional $7,500. This tax is a part of Mike Spano’s fiscal budget. For the 2017 fiscal year this transfer tax is going to be doubled to 3%. Look at the math. If you sell your home in Yonkers for $350,000 you have to currently pay a 1.5% transfer tax of $5,250 within 7 days of closing. In 2017 the transfer tax is going to be doubled to 3%. You will have to then pay $10,500 with 7 days–Yikes. You need to call Mayor Mike Spano’s office and stop this. For more information please read Phil Reisman Journal News article.